A veteran securities lawyer who has represented Wall Street investment professionals says that state Attorney General Letitia James’ newly announced proposed regulations aimed at strengthening state oversight of the investment advisory industry—in part by conforming adviser registration procedures to a more modernized federal regime—represents “an important step in bringing some order to a confusing regulatory scheme.”
“Overlapping regulations imposed by federal regulators and the states not only make it difficult for honest participants to operate in the [securities] industry, but facilitate dishonest behavior,” said Mark Zauderer, a name partner at Ganfer Shore Leeds & Zauderer in Manhattan, and a trial and appellate business and securities litigator for decades.
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